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Banco Sabadell has signed a strategic partnership with the identity authentication and verification company Onfido to integrate its artificial intelligence technology for remote customer identification and onboarding.
The Bank has already started to use the tools of the London startup in the remote registration of online banking customers –a service that has been available since last September. In the COVID-19 environment, the new remote identification and authentication capabilities provide a faster and 100% digital registration process for the Bank’s customers.
Onfido’s technology is designed to complete document verification and confirm that the identification sent by users matches their face, using facial biometrics. The solution guarantees that the individual submitting the identification document is the legitimate owner and is physically present at the time of identification. Moreover, the technology eliminates the need to send additional documentation and makes the process much more agile for both the customer and the Bank.
Onfido is a company specialised in the digital identity verification sector and has a strong presence in several European countries.
The Digital Banker recognises Banco Sabadell as Best eKYC
The Digital Banker, in its 2020 edition of the “Global Retail Banking Innovation Awards”, has awarded the Best eKYC prize to the Bank’s new digital customer identification solution. The award recognises the best financial institutions that stand out for their leadership in innovation and customer experience.
Commitment to digitalisation and innovation
The development of self-service in digital channels by customers is based on the digital transformation of processes that until now required interaction with other Bank channels (branch network, telephone service, etc.), and is a firm commitment to the growth of the digital service offering to its customers.
Banco Sabadell has selected Onfido for its digital onboarding among other services in the market for its excellent fraud detection engine and the ease of technological integration in the Bank’s digital channels. Its integration with Banco Sabadell’s security platform is ready to provide coverage for other bank business processes, thanks to its functionality to act as an OCR for official documents and identity verification with a selfie and a selfie video, thus meeting the regulatory and statutory requirements that the various processes to be digitalised may have.
The service is the result of a collaboration between InnoCells, Banco Sabadell’s digital innovation hub, and Onfido. Both companies have carried out the integration in just a few weeks from its inception until its implementation in the Bank’s channels.
Pol Navarro, General Manager at InnoCells, explained: “The partnership with Onfido allows Banco Sabadell to speed up the deployment of a key capability in the remote customer relationship model through a simple and efficient experience for the identification and acquisition of new products”.
Husayn Kassai, co-founder of Onfido, points out: “We provide confidence to digital interactions around the world, securely verifying a user’s identity from the moment they register with the company. Service providers should not compromise on user experience or security, and we are delighted to be working with InnoCells and Banco Sabadell to help them achieve these two goals while they build a state-of-the-art financial ecosystem”.
